BitMine Immersion Technologies posted a net loss of $3.82 billion in fiscal 2026 second quarter due to valuation losses on Ethereum (ETH). It posted a net loss of about $1.16 million a year earlier.

On April 15, blockchain outlet BeInCrypto reported that most of the deficit came from $3.78 billion in unrealised losses on the company’s Ethereum treasury assets. BitMine is currently the world’s largest corporate holder of Ethereum. Operating expenses for the quarter ended Feb. 28 totalled $3.85 billion, versus less than $1 million a year earlier.

The loss was larger on a half-year basis. BitMine’s net loss for the six months to Feb. 28 exceeded $9 billion, compared with a $2.1 million loss in the same period a year earlier. Large Ethereum holdings have increased earnings volatility.

Revenue, however, rose. BitMine’s second-quarter revenue increased to $11 million from $1.5 million a year earlier. Of that, $10.2 million came from Ethereum staking income. BitMine recently launched its institutional staking platform, Mavan, and said 3.3 million tokens were staked as of April 13.

Fundraising and an expansion of holdings also proceeded at the same time. BitMine raised $1.0007 billion over the past six months through on-market stock sales. Its shares outstanding rose to 494 million from 232 million, more than doubling. The company used most of the proceeds to buy Ethereum.

As of April, BitMine held about 4.87 million Ethereum. That equals 4.04 percent of the total Ethereum supply of 120.7 million. It bought an additional 71,524 ETH in the past week alone. That was the fastest buying pace since December 2025. BitMine presented a strategy dubbed the “alchemy of 5%” to secure 5 percent of circulating Ethereum, and said it has reached about 81 percent of that target.

The expansion of its staking business is seen as a key factor in defending results going forward. BitMine expects annual staking rewards of $310 million once Mavan is fully operational. It also completed an uplisting on April 9 from NYSE American to the New York Stock Exchange main market.

The key question is how much staking income can offset accounting volatility stemming from holding a large amount of a single digital asset. BitMine holds about $11 billion worth of Ethereum concentrated in one asset, raising the likelihood that future quarterly results will be heavily influenced by Ethereum’s price moves.